RE"One of the issues with a JV or merger of the two sites in question is the roaylaties that SAS has to pay on each oz of gold produced. That raises their cost of production higher than what GF will cost."
I would speculate that the two properties would be spreadsheeted/evaluated as follows:
1. Option A - Grey Fox
2. Option B - SAS Hislop
3. Option C - Option A + Option B,
NOTES: The surveyors will have to report the tonnes mined by property and the accountants will split the costs by a predetermined tonnage by mining headings etc using EBITA, shares and other metrics.
BWDIK? Business combinations have plusses and minuses, does BRD owe Schumacher anything for a 20 year lease?